David Letterman and Craig Ferguson Laughing It Up on CBS Through 2014

The gap-toothed comic and his protégé have reupped their contract with CBS that will ensure The Late Showwith David Letterman and The Late Late Show with Craig Ferguson will continue yukking it up through at least 2014.

The new pact Letterman's Worldwide Pants struck with CBS means Letterman will surpass Johnny Carson's record 30-year run emceeing NBC's The Tonight Show to earn the title of the longest-serving late night TV host of all time—though not on the same programs, of course.

The funnyman first started entertaining insomniacs with his stupid human tricks and other classic bits when he was tapped in 1982 to headline the Peacock's Late Night With David Letterman from New York's 30 Rock. After NBC however gave the Tonight Show gig to rival Jay Leno following Carson's retirement in 1993, he subsequently bolted for CBS and set up The Late Show at the historic Ed Sullivan Theater where he's been ever since.

As part of the agreement, CBS will move The Late Late Show to a larger soundstage and coproduce the 12:35 a.m. program with Letterman's production company. Worldwide Pants will also retain all ownership of Letterman's Late Show, which has earned him nine Emmy Awards (not counting the five he won for Late Night) and a Peabody Award.

"David Letterman is a late-night legend with an iconic show, and Craig Ferguson continues to evolve the genre in exciting and innovative ways," CBS entertainment chief Nina Tassler said in a statement.

Letterman hired Ferguson to succeed Craig Kilborn as host of The Late Late Show in 2005 and the Scottish comedian has been going strong ever since in the timeslot following Letterman's gabfest. His show has regularly topped Late Night With Jimmy Fallon in ratings and also won a Peabody for an episode featuring Archbishop Desmond Tutu.